Workflow
2023年报点评:业绩增长15%,收费公路、环保双主业持续稳健发展

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Views - The company achieved a 15% growth in net profit, with stable development in its dual main businesses of toll roads and environmental protection [1]. - The report highlights a slight decline in total revenue by 0.82% year-on-year, but a significant increase in net profit attributable to shareholders by 15.41% [1]. - The company is expected to continue its growth trajectory, with projected net profits of 27.3 billion, 29.4 billion, and 32.7 billion for 2024-2026 [1]. Financial Performance Summary - In 2023, the company reported total revenue of 9,295 million RMB, with a year-on-year growth rate of -0.8% [2]. - The net profit attributable to shareholders was 2,327 million RMB, reflecting a year-on-year increase of 15.5% [2]. - The company’s gross profit margin improved to 36%, up by 3.79 percentage points year-on-year, and the net profit margin reached 25.67%, an increase of 4.83 percentage points [1]. Business Segment Summary Toll Road Business - The toll road segment generated revenue of 5,375 million RMB, marking an 8% year-on-year increase, with a gross margin of 50.38% [1]. - Key projects such as the Jiangsu Yichang Expressway and the Outer Ring Road Phase III are progressing well, contributing to the expansion of the company's road assets [1]. Environmental Protection Business - The environmental protection segment is seeing a more refined strategic layout, with wind power projects achieving a cumulative installed capacity of 648 MW and generating revenue of 757 million RMB [1]. - The organic waste treatment business processed 1,419.93 thousand tons, resulting in operational revenue of 652 million RMB [1]. Future Projections - The company is projected to achieve earnings per share (EPS) of 1.25, 1.35, and 1.50 RMB for 2024-2026, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [1][2]. - The target price for the stock is set at 11.9 RMB, representing a potential upside of 23% from the current price of 9.67 RMB [1][4].